What began as high-stakes negotiations over the proposed $700 billion bailout of the nation's financial system dissolved into bickering, begging and a roiling battle between parties Thursday night.
One day after President Bush said the nation's economy is at grave risk, lawmakers argued over competing counterproposals and wound up without any apparent financial bailout deal on the table.
Even Treasury Secretary Henry Paulson got down on one knee to half-jokingly beg Speaker Nancy Pelosi and other Democratic leaders not to go to the television cameras and blast the failed negotiations, according to two senior Democratic aides.Sens. John McCain and Barack Obama left a White House meeting, described as at times "contentious," having made no progress toward a resolution.
Obama, appearing on CNN's "The Situation Room" afterward, said there "has to be a sense of urgency on the part of everybody. ... We've got to move rapidly."
Obama said a deal will come eventually, but there is still work to do, including reaching a consensus among Bush, Paulson and House Republicans.
Shortly after 10 p.m., Rep. Barney Frank, D-Mass., the lead House Democrat on the issue who had been in close talks with Paulson for days, accused Republicans of refusing to negotiate, CNNMoney.com reported.
"At this point, we have absolutely no participation or cooperation from House Republicans," Frank said.
McCain told ABC News on Thursday night that Republicans "have legit concerns. Some of those have already been satisfied, such as accountability and oversight board and CEO executive pay. Members are aware of the crisis situation that we are in."
However, McCain said, "They do have concerns, which I think when you're talking about $700 billion to a trillion dollars, that need to be addressed.
http://www.cnn.com/2008/POLITICS/09/26/campaign.wrap/index.html
